MIP-0032: Bridge USDz onto XLayer with a 500k Borrow Limit and trial of the Cross-Chain Direct Deposit Modules

Proposals
1

Abstract

In this proposal we document the opportunity to use the ZAI Direct Deposit Module to mint 500k USDz and supply it onto the borrow side of ZeroLend with a borrow cap of 500k.

Brief about X-Layer

xLayer is the new and upcoming blockchain of the OKX exchange and also one of the crucial steps to get MAHA possibly listed on the OKX exchange in the near future.

With this proposal we propose to mint a 500k limit of USDz and supply it onto ZeroLend on the borrow side. By supplying to the borrow side, we always ensure that any USDz borrowed is always over-collateralised by the collateral backing it.

We also propose using the LayerZero bridge to support the bridging of the ZAI stablecoin. This also brings an opportunity to introduce USDz to various LayerZero dApps (such as Stargate).

Cross-chain Direct Deposit Module

With this proposal we are also excited to introduce the first cross-chain direct deposit module. This feature allows the protocol to mint ZAI into lending protocols across multiple chains and capture the opportunity of lending/borrowing on these chains.

We are also excited to bridge ZAI onto chains that as of recent have shown high usage/traction or have a strategic role in having a deployment.

  1. Base: An EVM L2 with a massive growing userbase, along with the possibility of a listing on Coinbase.
  2. Solana: With the help of LayerZero, we can port USDz from EVM chains to Solana. Solana presents an exciting opportunity to interact with a highly active memecoin userbase.
  3. xLayer: An EVM L2 with the least competition and easiest market penetration for ZAI. We can actively get support from the xLayer team, generate revenue from borrowing activities on ZeroLend and further look at the possibility of listing MAHA on xLayer.

Submitting Author

  • Yae
  • Nay
0 voters
2

Voting is now live on Snapshot: Snapshot

1 Like
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The vote has passed successfully and 500k USDz has been bridged to xLayer! LFFG :rocket:

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We are excited to share that 500k USDz has now deposited to the borrow side of ZeroLend on xLayer.

Right now we have put in a 500k supply cap and a 50k borrow cap. These caps will get increased as the protocol begins to grow on xLayer.

Any borrowing that happens with USDz will now generate extra revenue for the DAO. We will keep monitoring the progress of USDz on xLayer as time goes by and keep monitoring the caps.

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